Analysts Set GLOBALFOUNDRIES Inc. (NASDAQ:GFS) Target Price at $57.54

GLOBALFOUNDRIES Inc. (NASDAQ:GFS) has earned an average rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $57.54.

Several equities research analysts have recently issued reports on GFS shares. Wedbush reiterated an “outperform” rating and set a $65.00 price objective on shares of GLOBALFOUNDRIES in a research report on Wednesday, August 7th. HSBC decreased their price target on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Jefferies Financial Group began coverage on GLOBALFOUNDRIES in a report on Monday, May 13th. They issued a “buy” rating and a $62.00 target price on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th.

Institutional Investors Weigh In On GLOBALFOUNDRIES

Several institutional investors have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. raised its position in GLOBALFOUNDRIES by 11.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 7,840 shares of the company’s stock worth $475,000 after purchasing an additional 780 shares during the period. Cerity Partners LLC bought a new position in shares of GLOBALFOUNDRIES during the fourth quarter valued at approximately $272,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of GLOBALFOUNDRIES by 10.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 70,675 shares of the company’s stock worth $4,283,000 after buying an additional 6,743 shares during the period. Strs Ohio lifted its stake in shares of GLOBALFOUNDRIES by 26.3% during the 4th quarter. Strs Ohio now owns 16,711 shares of the company’s stock worth $1,012,000 after acquiring an additional 3,484 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of GLOBALFOUNDRIES by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock worth $34,000 after acquiring an additional 187 shares during the last quarter.

GLOBALFOUNDRIES Price Performance

NASDAQ:GFS opened at $45.64 on Friday. The business’s 50-day simple moving average is $50.11 and its two-hundred day simple moving average is $50.96. GLOBALFOUNDRIES has a 52 week low of $42.59 and a 52 week high of $62.61. The stock has a market cap of $25.18 billion, a PE ratio of 28.17, a P/E/G ratio of 4.52 and a beta of 1.56. The company has a quick ratio of 1.59, a current ratio of 2.18 and a debt-to-equity ratio of 0.22.

GLOBALFOUNDRIES (NASDAQ:GFS) last issued its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.10. GLOBALFOUNDRIES had a return on equity of 8.78% and a net margin of 12.66%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company earned $0.45 EPS. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, analysts forecast that GLOBALFOUNDRIES will post 1.06 EPS for the current fiscal year.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.